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Technology is disrupting businesses and industries, and businesses are racing to adopt technology in order to keep up. Digital transformation is needed for businesses to stay relevant and compete.
When it comes to Digital Transformation, 451 Research divides organizations into two groups:
- Data Drivers – those organizations that use data to make decisions
- Data Drifters – those organizations that don’t use data
Matt Aslett, Vice President at 451 Research, said that “traditionally, we think that small and young equals innovative, and large and old is slow-moving. But this isn’t necessarily the case when it comes to being data-driven. In many cases, smaller companies are actually making fewer strategic data-driven decisions.”
Small companies tend to be more flexible and ready to adopt, while big companies may be slower but have the resources to invest in new technologies.
An MIT study found that companies that adopt technology are 26 percent more profitable than those that don’t.
It’s important to realize that digital transformation is never ending. Nigel Fenwick, Forrester analyst, said that “there is no successful completion of a transformation—it’s a continuous evolution. Transformation creates new sources of customer value by helping customers achieve their desired outcomes in new ways. In doing so, transformation opens opportunities to drive new revenue streams.”